My house is worth HOW MUCH? Your home's Zestimate may not be accurate

By
Real Estate Agent with Real Living Real Estate Solutions

Home Sellers should contact their Real Estate Agent for the true value of their homeMost people considering selling their home have one really BIG question “How much can I get for my home?” They may do a little research on the homes that are for sale in their neighborhood, and may even stumble upon a Zillow Zestimate to gain knowledge on how much they can get for their home.If they like what they see, they immediately call up their local Real Estate Agent and invite them into their home to list the house. If they don’t like what they see then they become discouraged and think they will never be able to sell. But a Zestimate may not, and in most cases, usually is not a correct valuation of your home.

So let’s talk about “what exactly is a Zestimate” In a few words, a Zestimate is a collection of data, from public records, of houses and property values in a given area that is placed into an algorithm. In that algorithm the data passes through many models to ensure that all data is valid, at arm’s length, and any outstanding data,  distressed property sales, mother sold her son a house for $1, etc. gets thrown out of the equation. Zillow works very hard to make sure that the data they use is valid however, nobody is perfect and while they are usually close they currently have a median national error of 8.3%.

Remember, it is a Z‘estimate’ not a Z‘appraisal’” meaning your Real Estate Agent is the expert and the one who is going to give you the most precise listing price for your home by conducting a Comparative Market Analysis (CMA). Zillow is a great partner, but let us (real estate agents) get out there and do what we do best, because Zillow doesn’t know that you just recently updated your kitchen with new appliances and countertops; they do not know about that new patio addition you input last summer, or even the new roof that you just got installed. Let us work on your home with you and together we can help you answer the question of exactly “how much money can I get for my home?”

Comments (2)

Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Tony - I think the odds are pretty good that your home's Zestimate will not be accurate. Consumers need to stop relying in these numbers and contact their local agent to get the real truth on what their home may be worth.

Sep 02, 2015 02:35 PM
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Tony,

 

I will add “it is a Z‘estimate’ not a Z‘appraisal’ to my listing presentation. That and RPR’s AVM.

Sep 03, 2015 10:31 AM